| Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities |
The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Intangible assets: (1) |
|
|
|
|
|
|
|
In-place lease intangibles |
$ |
|
201,745 |
|
|
$ |
|
201,062 |
|
Above-market lease intangibles |
|
|
35,693 |
|
|
|
|
36,264 |
|
Other |
|
|
35,188 |
|
|
|
|
35,191 |
|
Total intangible assets |
|
|
272,626 |
|
|
|
|
272,517 |
|
Accumulated amortization: |
|
|
|
|
|
|
|
In-place lease amortization |
|
|
(101,565 |
) |
|
|
|
(98,526 |
) |
Above-market lease amortization |
|
|
(21,064 |
) |
|
|
|
(20,449 |
) |
Other |
|
|
(15,415 |
) |
|
|
|
(14,746 |
) |
Total accumulated amortization |
|
|
(138,044 |
) |
|
|
|
(133,721 |
) |
Intangible assets, net |
$ |
|
134,582 |
|
|
$ |
|
138,796 |
|
Intangible liabilities: (2) |
|
|
|
|
|
|
|
Below-market lease intangibles |
$ |
|
56,566 |
|
|
$ |
|
57,110 |
|
Total intangible liabilities |
|
|
56,566 |
|
|
|
|
57,110 |
|
Accumulated amortization: |
|
|
|
|
|
|
|
Below-market lease amortization |
|
|
(25,843 |
) |
|
|
|
(24,734 |
) |
Total accumulated amortization |
|
|
(25,843 |
) |
|
|
|
(24,734 |
) |
Intangible liabilities, net |
$ |
|
30,723 |
|
|
$ |
|
32,376 |
|
__________ (1)Included in Other assets on the Company’s Condensed Consolidated Balance Sheets. (2)Included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets.
|
| Summary of Estimated Future Amortization on Intangibles |
The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2026 is as follows ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-place
Lease Intangibles |
|
|
Above-market
Lease Intangibles |
|
|
Other |
|
|
Below-market
Lease Intangibles |
|
2026 (remaining) |
|
$ |
16,689 |
|
|
$ |
2,791 |
|
|
$ |
2,013 |
|
|
$ |
(3,491 |
) |
2027 |
|
|
18,217 |
|
|
|
3,085 |
|
|
|
2,684 |
|
|
|
(3,843 |
) |
2028 |
|
|
15,222 |
|
|
|
2,490 |
|
|
|
2,684 |
|
|
|
(3,804 |
) |
2029 |
|
|
12,916 |
|
|
|
2,322 |
|
|
|
2,684 |
|
|
|
(3,355 |
) |
2030 |
|
|
11,167 |
|
|
|
2,147 |
|
|
|
2,651 |
|
|
|
(3,517 |
) |
Thereafter |
|
|
25,969 |
|
|
|
1,794 |
|
|
|
7,057 |
|
|
|
(12,713 |
) |
|
|
$ |
100,180 |
|
|
$ |
14,629 |
|
|
$ |
19,773 |
|
|
$ |
(30,723 |
) |
|